Question: Please help this code is not computing correctly. There must be something wrong with the formula. I can't figure it out. Here is the criteria
Please help this code is not computing correctly. There must be something wrong with the formula. I can't figure it out.
Here is the criteria for the assignment:
Write four functions with these headers:
function doPayment() function doBalance() function computePayment(principal, annualRate, years, periodsPerYear) function computeBalance(principal, annualRate, years, periodsPerYear, numberOfPaymentsPaidToDate)
The first two functions (doPayment and doBalance)
take no parameters
are called from an onclick attribute
get input from the user
call the computePayment or the computeBalance function
display a result to the user
The computePayment function computes and returns the monthly payment for a loan with a fixed annual interest rate. The formula for computing a loan payment is
P = ar/1(1+r)^n
where p is the payment per period, a is the loan amount, r is the interest rate per period, and n is the total number of periods throughout the life of the loan.
The computeBalance function computes and returns the balance for a loan with a fixed annual interest rate. The formula for computing the balance of a loan after n payments have been made is
b =a(1+r)^n p((1+r)^n1)/r
where b is the balance or payoff amount, a is the loan amount, r is the interest rate per period, p is the payment per period, and n is the number of payments paid to date.
Loan Calculator
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